Wind Works Power Corp. Closes Sale of a 50% IntereOTTAWA, ONTARIO, Apr 28, 2011 (Marketwire via COMTEX News Network) --
Wind Works Power Corp. (OTCQB:WWPW)(FRANKFURT:R5E1)(WKN:A0RPM2) is pleased to announce it has signed agreements and closed on the sale of a 50% interest in Wind Park Burg 1, a 4 megawatt (MW) wind project located in Germany. Following the sale, Wind Works will retain a 50% ownership of the project, and will continue to manage its ongoing development.
Transaction Highlights:
-- 50% interest sold to private European investor group, 50% to be retained
by Wind Works
-- 860,000 Euro (approx. $ 1.2 Million) down-payment, further payments to
follow based on milestones
-- Wind Works will earn a 1.5% royalty on gross revenues of the wind farm,
with the potential to increase the royalty interest to 2.5% based on
performance
-- Construction start date scheduled for September 2011, budgeted
construction costs are 10 Million Euro
"This sale re-enforces our strategy of diversifying in to 3 markets globally - Germany, Canada and the USA", comments
Dr. Ingo Stuckmann, Wind Works' President and CEO." With our recent sale of 50MW in Ontario, Canada, we have now generated revenue in 2 markets and our plans call for revenue to be earned as early as next year in the US market following our recently announced acquisition of Thunder Spirit, a 150MW project located in North Dakota."